With energy costs on the rise, many households are feeling the pinch. But one retired couple from Berkshire, Derek and his wife, have managed to dramatically reduce their energy bills to as little as £1.50 a day during the summer months. By making a few key changes to their home, they have saved a whopping £1,300 on their annual energy bills.
An Investment in Savings
Derek and his wife made several investments in energy-saving measures that have paid off in a big way. They started by insulating their loft and installing a smart meter. They also switched to an air fryer and reduced their oven usage. Through these changes alone, they were able to save £10 a month on their energy bills.
However, the biggest payoff for Derek and his wife came from installing solar panels back in 2011. Although the initial cost was £12,000, they have made a profit of £5,000 by selling excess electricity back to the grid. Derek estimates that their overall savings on electricity bills have made the panels worth over £20,000.
Saving with Solar Panels
Solar panels work by absorbing sunlight and converting it into solar energy. Derek's panels power his home, and any extra power is sold back to the national grid. To optimize their energy use, Derek had a diverter fitted on his boiler, allowing him to use electricity instead of gas to heat water, further reducing his energy bills.
While solar panels generate more electricity in the summer, there is a decrease in output during the winter months. Derek estimates that his panels generate 25kWh per day in summer and only 1-2 kWh per day in winter.
Derek is part of an older government scheme that guarantees to buy his electricity for 25 years from the installation of his solar panels. He currently makes around 50p per unit from the power he sells. However, those looking to sell electricity back now will need to do so to their energy company instead.
Lower Costs and Future Plans
The cost of installing solar panels has significantly decreased in the past decade. Most homeowners can expect to pay around £5,000 to have the technology fitted. Companies like Ovo offer competitive rates for solar customers and packages that start from just over £5,000.
Derek has found that his solar panels require minimal upkeep and are a "no brainer" investment. He encourages more people to consider getting solar panels, especially in the face of rising energy costs. His neighbor has already decided to get panels installed after seeing Derek's calculations.
In addition to considering batteries to store excess energy, Derek is also thinking about switching to an electric car to further utilize the energy generated by his solar panels.
Important Considerations
It's crucial to consider how long you plan to stay in your property before deciding to get solar panels. If you move, the panels and the electricity generation contract will remain with the property. It's important to stay long enough to recoup the savings on energy bills to cover the initial cost of installation.
Some homeowners have faced issues after leasing their roofs to solar power companies, which could impact obtaining a mortgage.
Did you miss our previous article…
https://hellofaread.com/money/i-compared-poundland-coffees-to-find-the-best-cheap-cup-of-joe/
